Host Hotels & Resorts, Inc. (HST) said it closed the issuance of $400 million aggregate principal amount of 2.5% exchangeable senior debentures due 2029, including the exercise of the $50 million over-allotment option by the initial purchasers.
The debentures were offered in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended.
The debentures will be exchangeable, under certain circumstances, for cash, shares of the Company's common stock or a combination of cash and shares of the Company's common stock, at the company's option. The initial exchange rate is 71.0101 shares of the Company's common stock per $1,000 principal amount of debentures, which represents a premium of 31% to the closing price of $10.75 for the company's common stock on December 15, 2009.
The net proceeds from the sale of the debentures of approximately $391 million will be used for debt repayment, including to redeem all of the $346 million outstanding of Host Hotels & Resorts, L.P.'s 7% Series M Senior Notes due 2012, as well as the repayment of other outstanding debt and for general corporate purposes.
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